Ripple" cryptosystem (exchange ticker coins XRP) was released in 2012 thanks to the work of Canadian developer Ryan Fugger. The programmer's goal was to create a decentralized platform for implementing payment relationships between users. What is the main "chip" of Ripple, which ensured such popularity of this system?
The platform (the product is controlled by the company Ripple Labs) uses a unique protocol technology with open source RCPA, which allows users to exchange not only tokens, but also resources, paying minimum fees for operations. It is clear that this algorithm seemed to be very convenient for banking organizations and provided increased interest in the novelty from the members of the crypto community.
What is "Ripple" in simple words
For an accessible explanation of how this platform works, we can give the following example. Let's imagine that you have a resource such as bananas, and you want to get a ticket to the theater. It is owned by another person who, in turn, dreams about plasma TV. Between you and the person with the ticket there is another group of people who own different resources.
The principle of Ripple's work in simple words
You "put" bananas into circulation. Someone buys them and in return gives the "plasma" to the person with the ticket, and he is already selling you the cherished paper. This is the system "Ripple" in action:
You are exchanging resources, without being supervised by a third party.
Ripple: key features
Note the main qualities that distinguish Ripple (XRP) from other cryptovalues:
Impossibility of Mining
Developers did not provide this option when creating a Ripple project. About 100,000,000,000 coins were generated before the start of the project, 35% of digital currency was sent to the market, and the remaining 65% was distributed among the system creators.
Measurement commission for operations
The commission fee for transactions is only 0.0001 ripl. This amount subsequently completely "burns" - disappears from the system, as part of the measures to counter the ubiquitous spammers. There is a special kind of Internet fraudsters sending fake transactions, it is done with the intent to weaken the protective mechanisms of "riple", but the developers have turned the spam system into a completely useless activity. In addition, the combustion of Ripple contributes to the cost of this digital currency in the market due to the reduction of its number.
Breakdown of the block system
Ripple operates through special gateways that are channels for transactions in this system. Their uninterrupted operation is controlled by the servers of Ripple representative offices.
Close connection with the banking system
The growing popularity of Ripple is supported by the strengthening of cooperation between the system management and banks and other financial institutions. This fact is well illustrated by the 200% increase in the value of cryptomonet after concluding contractual relations with more than twenty financial institutions in 2016.
Close relationship with the banking system
Capitalization of the coin at the beginning of this year is estimated at 75.8 billion, and the average daily trading volume fluctuates near the mark of $ 5, billion. The Cryptovalut is the third in the overall rating of "virtual coins" and has been held in this position for quite a long time.
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Pluses and minuses of "Riple"
The indisputable "trumps" of this system can be referred to:
Speed of transactions: in terms of speed of transactions Ripple "obcached" even bitcoins, and even more so SWIFT;
Increased level of confrontation with hacker and spammer attacks and hacking system;
No risk of inflation due to the fact that the entire volume of currency is already "namainen" and it is impossible to obtain new cryptomonet;
The possibility of exchanging coins for some value (shares, precious metals, gold) or other cryptographic currency;
Transaction refund function: if an error is made, any transaction can be "corrected" or cancelled.
However, like any system, Ripple has certain flaws:
No decentralization: it is up to the developers to decide on the number of coins to be put into circulation;
High level of monopolization: Ripple Labs manages the main array (65%) of coins, which opens the field for various manipulations.
Advantages and disadvantages: Ripple Labs manages the main stock of coins (65%), which opens the field for various manipulations.
It would seem that such defects should play against the popularity of the Ripple coin - in fact, the course of this crypt currency is in the hands of the owners of the company "Ripple Labs". However, due to the mechanism of gradual "combustion", the price of the coin will steadily increase, i.e. the long-term strategy is aimed at increasing the value of the crypt coin.
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